4 local casinos impacted by sale of Pinnacle to Penn National in - KMOV.com

4 local casinos impacted by sale of Pinnacle to Penn National in $2.8B deal

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Sign inside Ameristar Casino (Credit: KMOV) Sign inside Ameristar Casino (Credit: KMOV)

ST. LOUIS (KMOV.com) – Four local casinos will be impacted when Penn National Gaming, Inc. acquires Pinnacle Entertainment, Inc. in a deal valued at about $2.8 billion.

Monday morning, the companies announced they had entered into a definitive agreement for Penn to acquire Pinnacle. Pinnacle shareholders will receive $20 in cash and 0.42 shares of Penn National common stock for each Pinnacle share.

The transaction was approved by both companies’ board of directors and is expected to close during the second half of 2018.

“By combining our highly complementary portfolios and similar operating philosophies, we will be able to leverage the strengths of both our companies and create an unparalleled experience for our regional gaming customers, while generating significant value for our shareholders and business partners,” commented Timothy J. Wilmott, Chief Executive Officer of Penn National Gaming, in a press release.

Pinnacle owns Ameristar Casino Resort Spa in St. Charles and River City Casino & Hotel in St. Louis. Penn National Gaming owns Hollywood Casino St. Louis and Argosy Alton.

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